Jewel Capital, New York’s most active market challenger, arranged $34 million in land financing to refinance a large Mixed-Used development Project in Queens, NY, on behalf of a group of well-known local Asian Real Estate Developers.
The 12-month refinance loan, provided by a global RE investment firm, features a floating rate of 830 basis point plus one month LIBOR and two six-month extension options. This transaction was engaged by Jewel Capital Business Development Director, Jianhua (Shawn) Shi and Eagle Capital USA’s Shelly Wang.
“Because of the property’s premium location and the rapid growth of demand in residential condo and lodging property, the clients immediately recognized the opportunity to acquire the land at a favorable basis and are going to develop two high-end multi-family residential towers and one 515-key dual-branded full-service hotel” said Mr. Shi. “sponsors’ property development expertise and proven track record helped Jewel negotiate favorable terms with limited construction permission”
According to the plan, the developers is going to build a complex with two high-end residential towers and one 515-keys hotel tower in Flushing, NY. The project sits on a 2.67-acre triangle-parcel and totals 562,262 sf of gross building area according to the development plan. The project will include a 250-space indoor parking lot, 244 residential condo units, a 141-key apartment-style hotel, a 374-key 4-star full-service hotel and retail spaces of 27,928 sf. The project's prime location offers direct access to the Flushing Main Street station, I-678 and LaGuardia Airport. Residents and tourists also enjoy proximity to major attractions, including the Flushing Meadows Corona Park, Citi Field, National Tennis Center.
The property is located in Downtown Flushing in Queens. Centered on the northern end of Main Street, it is a large commercial and retail area and is the fourth largest central business district in New York City. Flushing's diversity is reflected by the numerous ethnic groups that reside there, including people of Asian, Hispanic, Middle Eastern, European, and African American ancestry. The Flushing Chinatown houses over 30,000 individuals born in China alone, the largest Chinatown by this metric outside Asia and one of the largest and fastest-growing Chinatowns in the world.
About Jewel Capital
JEWEL CAPITAL is a fast-growing commercial real estate capital advisory firm based in New York City. We are specialized in structuring and placing debt, mezzanine and equity financing in Northeast region. We are dedicated to provide our clients with tailored, best-in-class financing solutions.